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Have you found a house that you want to make your “dream home” with an addition, repairs or some updating?Our Renovation Loan not only lends you the money for the purchase of the home, but also the money for the addition and improvements too!

Renovation Loan Features:

Available for purchases and refinances

Borrow up to 85% of the appraised value when including $10,000 or more in renovations

Cost of renovations can exceed purchase price

Down payments as little as 5% plus reserves

Appraised value is determined as if renovations are complete

Act as your own general contractor or hire a builder

Available for owner-occupied 1 to 4 unit properties

Fixed and adjustable rate programs

Free pre-approvals on purchases

Ask about the terms and conditions for borrowing up to 95% with mortgage insurance.

Payment example: $100,000 loan amount; 4.375% rate; 4.675% APR; 300 monthly payments of $548.76, which includes principal and interest only. APR based on $100,000 loan amount; 15% down; 1 point. APR will vary based on the dollars borrowed for renovation. Program available on 1-4 family owner-occupied homes. 15% down, no mortgage insurance for well qualified customers; subject to certain underwriting restrictions and guidelines. Other rates and programs are available. RATES AND OFFER SUBJECT TO CHANGE WITHOUT NOTICE.Rates Effective 01/18/2019.

At First Federal Savings of Lorain, we want to help you build your dream home, your way. Our construction loans are designed to provide you with the flexibility to hire a general contractor or be your own general contractor and oversee the project yourself.

Construction Loan features include:

Borrow up to 85% of the appraised value, for well-qualified borrowers

Act as your own general contractor or hire a builder

$1,000 construction loan fee when working with an approved builder and a five draw schedule

$1,000 construction loan fee when working as your own general contractor

Six draws included, additional draws are $125 per draw

Lot equity can be used towards your down payment

Financing options available for land up to 25 acres

Single close loan with one set of closing costs, automatically converts to permanent financing

Payment example: $50,000 loan amount; 6.250% rate; 6.554% APR; 180 monthly payments of $428.71, which includes principal and interest only. APR based on $100,000 loan amount; 20% down; 0 points. Loans can be made on acreage up to 25 acres, if the primary use is the owner-occupied home. For well qualified customers; subject to certain underwriting restrictions and guidelines. RATES AND OFFER SUBJECT TO CHANGE WITHOUT NOTICE. Rates Effective 01/18/2019.

Please Note: There is a $400 appraisal fee required at the time of application.

*Rate may increase after consummation. A mobile home loan is a 1 year adjustable loan, maximum adjustment each time is 0.5% with a lifetime adjustment of not more than 5.00% up and a floor of 6.5%. Payment example: $10,000 loan amount; 7.50% rate; for 180 payments of $92.70, which includes principal and interest only.

**APR based on a $10,000 mobile home loan with normal closing costs and 20% down payment. Payment example: $10,000 loan amount; 7.50% rate; for 120 payments of $118.70, which includes principal and interest only.

A Home Equity Line of Credit (HELOC) is a convenient way to manage both planned and unexpected expenses. Because you control the flexibility, a HELOC from First Federal Savings of Lorain can help pay for weddings, vacations, home improvements, vehicle purchases and debt consolidation as well as unexpected emergencies.

Bank Owned Properties

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